The energy transition from fossil sources to solutions characterized by reduced environmental impact and greater sustainability is one of the most relevant and compelling global challenges. Our professionals possess multidisciplinary experience and knowledge acquired through assistance in numerous landmark projects involving various types of technologies. Therefore, we can provide innovative insights, identify the best structures and offer the most effective solutions to reduce CO2 emissions, helping our Clients overcome challenges and seize opportunities in an increasingly multi-faceted and globalized market, as well as ensure compliance with domestic and supranational commitments.

The pursuit of increasing energy independence from abroad is a primary necessity, and a key role in that is certainly played by ecological transition and the ever-widespread use of energy produced from renewable sources. The continuous and rapid evolution of European (directive RED III) and Italian (FER X) regulations in this regard requires highly specialized and cross-cutting expertise (administrative law, corporate and contract law, real estate, energy and financial market regulation) capable of addressing the challenges and seizing the opportunities that this historical moment presents. Our professionals gained in-depth knowledge of this field, having been involved in the most significant transactions in the sector, both in M&A deals and in the development of renewables projects.

Through Power Purchase Agreements (PPAs), electricity producers, on the one hand, and end customers or utilities, on the other hand, aim at securing the best and most stable conditions for the short or long-term supply of electricity, guarantees of origin, and other environmental certificates. Analysing the wide range of terms and conditions that PPAs can present requires an in-depth knowledge of market practices and all possible alternatives. In order to provide Clients with the best possible assistance, our professionals have an unparalleled and distinctive experience in drafting and negotiating various types of PPAs (including virtual PPAs, tolling agreements on-site PPAs, both from the producer's and the corporate’s or utility’s side, so much that they have been involved in preparing the first prototypes of such contractual schemes both in Italy and abroad, and have been appointed as EFET’s (European Federation of Energy Traders) Italian Counsel.

Procurement of resources on wholesale markets and the related commercial strategies take place in a delicate and crucial segment of the energy supply chain. Knowledge of the markets, familiarity with negotiation practices, contractual standards (EFET, CSA, CMNA, ISDA), and regulations (MIFID II, EMIR, MAR, REMIT) are essential to support operators (sellers or buyers), along with the ability for expeditious analysis and true understanding of commercial dynamics. Legal support for physical and financial trading activities aligns with the speed and complexity of the markets, aspects that Parola Associati is familiar with and manages in the interest of the Client ensuring successful transactions and risk mitigation.

The production of electrical and thermal energy, as well as fuels from agricultural feedstock or urban waste, is a key solution in terms of sustainability and circular economy. This is confirmed both by the approximately 2 billion Euros allocated by the NRPP to develop facilities and by the targets of the new EU Gas Package. Ad hoc incentive schemes and constantly evolving regulations pose both a challenge and a significant opportunity for market operators. Our Firm's professionals assisted the first Italian operators in the development and construction of projects in this sector, developing pioneering and comprehensive expertise in the complex intersection between regulations and sector contracts (feedstock procurement, construction of plant components, long-term sales of biomethane).

The energy crisis, the European drive towards decarbonization (RePower EU, Taxonomy Regulation and "Fit for 55" and "Hydrogen and Decarbonized Gas" packages), and the availability of public funds led to an exponential and promising growth in green and blue hydrogen projects, including in Italy. This subject requires strong interdisciplinary expertise (corporate and contract law, public law, competition, and state aid law), in-depth knowledge of regulatory issues (self-consumption schemes, unbundling, and ETS), and an advocacy attitude towards evolving regulations. Our Firm has demonstrated thought leadership in this sector and has been involved in multiple projects, often true "market firsts", including the largest CCS project in Europe, a Power-to-Gas pilot project in Sardinia, and the development of "hydrogen valleys" in Lombardy and Sicily.

Energy storage, particularly through batteries, is a new and promising field of development that could transform both the energy landscape and the market design. The implications for the energy sector and renewables are enormous: from the remuneration of grid services to energy trading and financing for storage plants. Generating clean energy for RES combined with energy storage in integrated systems can create a virtuous cycle to effectively address the decarbonization challenge and achieve net zero. By leveraging our in-depth knowledge of the energy markets and regulatory framework, our Firm provides Clients with innovative solutions and enables then to develop new investment models in renewables that also consider storage systems.

Italian and European energy policies in the last decade have been strongly focused on energy efficiency. "Energy efficiency at the forefront" is indeed one of the fundamental principles of the Energy Union. Implementing these objectives in practical terms involves various operators (ESCos, lenders, end-users, Authorities) and various legal domains (administrative law, corporate law, regulation, urban planning, financial law, PPP). This requires the development of efficient, flexible, and innovative legal solutions. Parola Associati supports operators in this practice to implement their projects, providing a comprehensive and detailed view, along with extensive experience in the most sensitive and complex contractual aspects of the energy efficiency process both for residential buildings and industrial contexts.

Italy has been a pioneering country in shaping new configurations of collective self-consumption, introducing its own experimental regulations even before the implementation of the RED II Directive. The development of these new forms of collective self-consumption is crucial not only for promoting renewable sources but also for the additional benefits to the community in terms of savings on energy bills, environmental valorisation, strengthening social cohesion, and supporting third-sector associations. Our Firm has been involved in establishing the first Energy Communities, both for private and public initiatives also as part of public-private partnerships, and in assessing the most efficient corporate structures (associations, benefit corporations, cooperatives, and consortia).

The electrification of transportation is one of the most significant challenges of the energy transition. By representing a wealth of operators in the electric sector, we have been actively involved in the inception and rapid development of this new era in the automotive industry. From investments in charging infrastructure to the design of a new public and private mobility geared towards net-zero emissions, Parola Associati covers all legal aspects of e-mobility. We support operators in development proposals for e-mobility projects, including within the framework of the NRRP. We define cooperation agreements among private operators for technology sharing and infrastructure development. We assist start-ups and larger operators involved in R&D projects in identifying and accessing public grants and private funding for e-mobility initiatives as well as in complex joint-ventures and M&A transactions

The recent crisis has brought to the forefront of the national energy agenda the need for efficient and responsible use of Italian mineral resources within the Sustainable Energy Transition Plan in Suitable Areas (PiTESAI). The professionals at our Firm were among the first in Italy to handle upstream regulatory and environmental issues and gained a deep understanding of contractual paradigms in the sector (farm-in, joint operating agreements, unitization contracts, drilling contracts) as well as assisting oil majors and independent producers in M&A deals concerning hydrocarbon exploration, drilling, and production assets.

External factors, such as the recent events like the war in Ukraine, the Israel-Hamas conflict, are contributing to a revolution and increased use of LNG (liquefied natural gas). Internal factors in our country are leading the use of LNG, SSLNG (Small Scale LNG), and bunkering systems to become key methods for the utilization, storage, and shipping of natural gas in Italy. The Italian peninsula is naturally positioned to become a European hub for LNG exchange and shipping. This is evidenced by the growing investments in the SSLNG sector and the development of LNG refuelling points through ships (maritime bunkering). Our Firm collaborates with major Italian and foreign players to create a strong supply chain that integrates localized transportation, storage, and sale of LNG.

The natural gas supply chain, encompassing procurement, transportation, storage, and distribution, is certainly one of the most complex and articulated within the energy sector. In the last decade, it has undergone numerous transformations, correlated with market liberalization, raising additional issues such as promoting investments, supply security, network access, unbundling, and transportation structure. Our Firm boasts a consolidated experience in regulatory and administrative aspects of the natural gas market. With the expertise acquired over the years, we can provide high-quality legal assistance at every stage of the supply chain, aiming to ensure the best possible outcome for our Clients’ operations and helping them address the new challenges arising from the altered industry landscape.

In an increasingly interconnected EU and extra EU electricity markets, it is essential for Italy, given its strategic position, to develop and enhance its local and international electrical network. The Firm, born with a strong international vocation thanks to the experience of its professionals, has always contributed to the development and financing of interconnection lines with foreign countries and to their strengthening (such as the merchant lines connecting Italy to Montenegro, Italy to France and Italy to Austria). Like never before, both private and public investments will need to be directed to ensure the exchange of electrical energy on a transboundary level through a modern, smart, and well-connected electrical transmission network.

The risks associated with climate change are among the most damaging in terms of impact. Market operators must assess how their activities impact climate change and how it can affect their operations, markets, and supply chains. COP 28 evidenced the need to develop and implement adequate mitigation and adaptation strategies to prevent climate change-related disputes and reputational damage alongside compliance with EU requirements (e.g. CSRD directive) and “soft law” instruments (e.g. Global Compat). Through a deep understanding of the sector's discipline and existing protection measures, including legal remedies, our professionals assist Clients in risk mitigation and assessing opportunities offered by a low-carbon economy including voluntary carbon credits markets.

To promote sustainable development, it is necessary to support companies in converting their production processes to generate savings and use natural resources efficiently, consistently with the objectives set by the European Commission through the "Green New Deal". To this end, it will be crucial to implement a strategy promoting the development of innovative decarbonization projects through circular economy processes, also leveraging the resources specifically allocated by the NRRP. Our Firm gained profound knowledge in the fields of sustainability, circular economy, waste management, and clean energy production, enabling us to offer innovative solutions and ensure high-quality legal services.

In recent years, in line with European directives, national legislation has provided significant facilitations for SMEs to accelerate digital transition and technological modernisation of production processes. More recently, through the NRRP considerable resources have been allocated to the public sector, promoting cloud migration and interoperability among entities. Increasing attention is also directed towards smart cities, where technological solutions enable more sustainable and efficient services for the benefit of all citizens, across various strategic sectors including transportation, waste management, and the integrated water system. This matter requires diverse professional competencies: administrative law, contracts, intellectual property and GDPR. Our Firm has proven to be one of the leading experts in the sector, providing assistance to numerous infrastructure digitalisation projects, including proposals for public-private partnerships and in the development and M&A of data canters.

The evolution of the Real Estate sector requires legal consultants with essential regulatory and legislative competencies and knowledge for advanced real estate transactions. Our professionals have built their extensive experience by directly contributing to the evolution of the practice in recent years, particularly in the real estate asset management industry, and by assisting initiatives in the financial products market (such as alternative investment funds - AIFs, SICAVs, REITs). We represent our Clients with a holistic approach, structuring real estate transactions, managing their technical aspects through accurate due diligence activities, and optimizing their financial profiles. Additionally, Parola Associati assists Clients in proposing Public-Private Partnerships (PPPs) for urban regeneration and building redevelopment projects.

The approach to sustainability is essential, given the relevance of specific themes that now assume an urgent character. This circumstance will increasingly influence the evaluation, both by Clients and consultants, of both the activities undertaken and future initiatives. The attention to these areas, inherent in the Firm’s professionals due to their outstanding expertise in subjects such as energy, environmental, and public law, permeates constant attention to these themes. This approach is manifested through the understanding of a new language, which requires a flexible approach to familiar topics while viewing them from a different perspective. The Firm ensures a particular focus on sustainability for its Clients, with a cross-sectional approach to the various components of the ESG acronym (environmental, social, governance), providing a coherent response to regulatory expectations, including regulatory practices adopted by the market, as well as self-discipline. Given the decisive role of sustainability issues in assessing the possible impacts and consequences of initiatives to be undertaken, it is essential to provide Clients with the support of consultants capable of offering careful and coherent assessment of ESG implications. The Firm deems these aspects indispensable, not only from the perspective of regulatory compliance, but to operate consistently with the new reference context in collaboration with Clients.